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it is similar to what the former clinton chief of staff -- separate from that commission, he testified before the super committee last year and put forward his own proposal to try to break the impasse at that time. republicans say their current offer is not in that proposal, so it is not the simpsons-bowles plan that has gotten a lot of talk over the last few years, but it is modeled on a proposal from a leading democrat during these discussions, so they are hoping it will give some credibility going forward. the $800 billion they are offering is not the same as what john boehner offered in 2007. -- is the same as what john boehner offered in 2007. they will not accept any deal that keeps tax rates the same as well. >> thank you. >> thank you. >> you can read his proposal online by going to c-span.org and clicking to the lake. oklahoma congressman tom cole discusses the fiscal cliff negotiations and agrees with suggestions they should join president obama to extend the tax rates for the highest income earners the law professor john buckley looks at the history of the tax, plus your e-m
it is similar to what the former clinton chief of staff -- separate from that commission, he testified before the super committee last year and put forward his own proposal to try to break the impasse at that time. republicans say their current offer is not in that proposal, so it is not the simpsons-bowles plan that has gotten a lot of talk over the last few years, but it is modeled on a proposal from a leading democrat during these discussions, so they are hoping it will give some credibility...
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Dec 7, 2012
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bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the
bush and clinton administrations. both of you went to the same university. i'm sure you can agree on everything today. dr. zandi first. >> thank you for the opportunity. it is an honor to be here with kevin, a good friend of mine. let me say that these are my own personal views. lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability....
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he worked as chief of staff in the clinton white house on the domestic policy council. he was the chief officer of the progressive policy institute. i want to remind you of a piece that came out before the election. people will clamor him to pursue a grand bargain. you can respond to any or all of that. guest: paul krugman is not a fan. i wish he would sit down with them and go into more details. there are some things he may not be aware of. on taxes, we'd do lower rates. this seems to be a problem for some people to grasp. how can you lower rates will we need more revenue? you do that by broadening the base. economists, a lot of them disagreed on the positive impact of simplifying the tax code or tax reform. most agree there is some evidence. we have some studies based on the 1986 tax reform plan. that impacted gdp in a positive way by about one percentage point. there is no consensus, but there is a general understanding there is a benefit. anyone who has done their taxes can understand this. the time alone to do your taxes, even with the great software, we have 70% o
he worked as chief of staff in the clinton white house on the domestic policy council. he was the chief officer of the progressive policy institute. i want to remind you of a piece that came out before the election. people will clamor him to pursue a grand bargain. you can respond to any or all of that. guest: paul krugman is not a fan. i wish he would sit down with them and go into more details. there are some things he may not be aware of. on taxes, we'd do lower rates. this seems to be a...
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former chief of staff of bill clinton. john has to leave us early. we have the director of the urban institute's tax policy center. we'll see if you two disagree on anything. we have will marshal from the progressive policy institute. we have senator bob packwood from oregon, former chairman of the senate finance committee, part of the 1986 negotiations. and the other folks here have been part of the conversation. my only message to the new arrivals, please jump in whenever you see fit. we have an hour to an hour and a half. if you hear something you want to weigh in on, don't wait for me. we're talking now about the other very small issue in this issue and that is tax policy and how best to put the nation on a sustainable fiscal path. the question of revenue, how much, where to get it, the options on the table and would like your thoughts. as you heard from chairman bachus. they need ideas to bridge this gap because we appear to be at a stale mate. i turn it over to john to get your thoughts knowing he has to leave and the center for american progre
former chief of staff of bill clinton. john has to leave us early. we have the director of the urban institute's tax policy center. we'll see if you two disagree on anything. we have will marshal from the progressive policy institute. we have senator bob packwood from oregon, former chairman of the senate finance committee, part of the 1986 negotiations. and the other folks here have been part of the conversation. my only message to the new arrivals, please jump in whenever you see fit. we have...
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bush or president bill clinton, or president george w. bush or president barack obama, the truth is, at the time they were elected president, we as a nation, overall, got the president we deserved at that time. now, one of the most impressive speeches i've ever heard was given by senator barack obama at the democratic convention, and i love the way he talked about america coming back as one america. not a red america or blue america but america. just one country. and it's one of the things that i drew great hope from on 9/12 delsh 2001 as people of the country -- on 9/12/2001 as people of the country gathered around, as we did in our east texas town, and we all held hands and we sang hymns and patriotic songs and you look -- i look around the circle and was deeply moved because i knew that day there were no hyphenated americans. there were just americans. and we were together. and everybody standing there in that square holding hands, we shared the love for our country. we wanted to see it strong. we wanted to see it recover from that dev
bush or president bill clinton, or president george w. bush or president barack obama, the truth is, at the time they were elected president, we as a nation, overall, got the president we deserved at that time. now, one of the most impressive speeches i've ever heard was given by senator barack obama at the democratic convention, and i love the way he talked about america coming back as one america. not a red america or blue america but america. just one country. and it's one of the things that...
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host: secretary of state hillary clinton early in december talked about hiv and aids and where we are in research, and said and aids free generation is not just a rallying cry, but the goal within our reach. what do you think of the statement and what does it mean for your organization, dr. fauci? guest: thank you for the question. secretary clinton has been a leader on the concept, and she introduced the concept of an aids-free generation, and the point she is making is 31 years into the pandemic we have the tools based on clinical research -- prevention tools, and diagnostic tools and treatment tools to turn around dramatically the projection of the pandemic globally. we are already starting to see that. it is a matter of implementing these things. treatment is striking -- the difference between 30 years ago in what we do now, not only to save the lives of individuals, but when you treat someone that is hiv infected and you bring down the level of virus to blow a detectable level, you -- -- to be lower deductible -- detectable level, you dramatically decrease the chance they would i
host: secretary of state hillary clinton early in december talked about hiv and aids and where we are in research, and said and aids free generation is not just a rallying cry, but the goal within our reach. what do you think of the statement and what does it mean for your organization, dr. fauci? guest: thank you for the question. secretary clinton has been a leader on the concept, and she introduced the concept of an aids-free generation, and the point she is making is 31 years into the...
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restoring the clinton tax rates is something i would support. we supported them back in 1991 when bill clinton was running for president. no problem on that. it is a reasonable adjustment, but may not be sufficient to reach the targets we need and it does not help us in bipartisan bargaining, reaching a deal. i hope as this negotiation -- we ought to be at the irish times -- that they will not make a fetish of marginal tax rates street if they should go up some, but do they need to go back where they work? i do not know. lots of ways to increase taxes on rich people, and it may be that a hybrid of marginal tax increases and the kind of base- broadening loophole closing expenditure closing that simpson-bowles proposed should be part of the mix. raising marginal rates does not guarantee you will get your intended target. a very rich people depend more on investment income than on their labour income. if you want to get them -- and this is where mitt romney was able to pay a 14% tax rate on earnings of $14 million -- so if you are trying to get the
restoring the clinton tax rates is something i would support. we supported them back in 1991 when bill clinton was running for president. no problem on that. it is a reasonable adjustment, but may not be sufficient to reach the targets we need and it does not help us in bipartisan bargaining, reaching a deal. i hope as this negotiation -- we ought to be at the irish times -- that they will not make a fetish of marginal tax rates street if they should go up some, but do they need to go back...
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going back to the clinton tax rates, remember, the average american family has taken a hit. median income four years ago was $54,000 a year. it is about $50,000 a year now. this portion of the population has been squeezed. adding taxes on 90% will not be helpful. how much do you want folks to bear? freezing those tax rates for the overwhelming majority of americans is a smart thing to do. host: you said fight later on. guest: the fight would start the next day. we could do what i'm talking about, and negotiations could continue. doing what i'm talking about does not violate what either side is fighting over. they both say this is something we want to do. why not make sure we do not have some last-minute failure at the end of december. guest: what gives you confidence that democrats would agree later on? guest: this is where i disagree with some of my colleagues. they seem to think the american people are leveraged, and this is the democrats leverage. our leverage is in the spending and entitlement issues. the president and his negotiators are smart and able people. they know
going back to the clinton tax rates, remember, the average american family has taken a hit. median income four years ago was $54,000 a year. it is about $50,000 a year now. this portion of the population has been squeezed. adding taxes on 90% will not be helpful. how much do you want folks to bear? freezing those tax rates for the overwhelming majority of americans is a smart thing to do. host: you said fight later on. guest: the fight would start the next day. we could do what i'm talking...
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a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a specific, explicit plan that would limit those tax benefits for high-income households that's been examined by the joint committee on taxation, which is the official referee for these issues in congress. that plan, though, doesn't raise the revenue that you need. so out of the president's $1.6 trillion, $950 billion comes from decoupling. decoupling is the high-income rates going away, the middle- class tax cuts becoming permanent. that gets you $950 billion of revenue. the question is could you plausibly replace that revenue just by limiting tax expenditures. there have been lots of different ideas out
a combination of allowing the rates on high earners to go back up to what they were under president clinton, and reducing the value of tax deductions and other tax benefits that they get. before i get to how much can be raised by the second, let me just say the president is very, very supportive of curbing tax deductions for high-income households. it's been a part of his plan from his very first budget. in fact, he was and remains the only major leaguer in washington that has put forward a...